NALCO Gets Yes Securities 'Add' Initiation On Multiple Growth Triggers

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Yes Securities Report

We initiate coverage on National Aluminium Company Ltd. with an Add rating. Our rating on NALCO is built on the following parameters:

1. Volumes to step-up from FY27E; full benefits to accrue by FY28E;

2. Cost leadership intact as backward integration offsets input volatility;

3. Debt-free operations provide strategic flexibility for long-term capex; and

4. Pricing floor to remain intact amid Chinese capacity caps.

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